Sleepy Joe really on one…
Forums › General Discussion › Sleepy Joe really on one…-
i think it was today he proposed the IRS look in to transactions of $600, business or personal.
anyone got any good ideas as to why he would want to know?
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Best guess is most fraud is done in smaller scales to make it look less obvious. While they are looking for million $ movements people can move $600 through multiple accounts easier with less hassle. Just a guess though. I had to put my Ozarks hat on. 😂
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bruh just finished Ozarks now every time i see a business i’m like “hmm i wonder how much Marty could move thru there” 😂😂
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Proposal
This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600. Other accounts with characteristics similar to financial institution accounts will be covered under this information reporting regime. In particular, payment settlement entities would collect Taxpayer Identification Numbers (TINs) and file a revised Form 1099-K expanded to all payee accounts (subject to the same de minimis threshold), reporting not only gross receipts but
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also gross purchases, physical cash, as well as payments to and from foreign accounts, and transfer
inflows and outflows. Similar reporting requirements would apply to crypto asset exchanges and custodians. Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets from one broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report
such transactions. The Secretary would be given broad authority to issue regulations necessary to implement this proposal. The proposal would be effective for tax years beginning after December 31, 2022. -
General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals -Department of Treasury
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Theyre targeting tax fraud and money laundering.
The bit about crypto assets is long overdue. That's been a threshold in most transactions for years now..
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Nothing like massive government overreach to brighten up your day.
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𝓑𝓮𝓽𝓽𝔂~οͣнͩκͩ wrote:
Good thing all major crypto transactions are already publicly reported on the blockchain, otherwise the government mandated reporting would seem redundant. Money laundering and tax evasion is far easier with fiat money than with crypto.Theyre targeting tax fraud and money laundering.
The bit about crypto assets is long overdue. That's been a threshold in most transactions for years now..
They’ll figure it out someday. (After the rest of the world beats them to the punch.)
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I do not agree with Joe biden trying to get the government to track people who live paycheck to paycheck. All that does is give the IRS more authority to shutdown more poor people finances literally at any moment without going to court without any phone calls,warnings etc. This will do nothing to stop criminals and the %1percenters of rich people he's trying to go after. To do that they will have to revamp the whole tax code and system. But reality is rich people thrive while poor people are in debt. So laws are never made equally.
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vlaz wrote:
Laws are never made equally? What are some of them?I do not agree with Joe biden trying to get the government to track people who live paycheck to paycheck. All that does is give the IRS more authority to shutdown more poor people finances literally at any moment without going to court without any phone calls,warnings etc. This will do nothing to stop criminals and the %1percenters of rich people he's trying to go after. To do that they will have to revamp the whole tax code and system. But reality is rich people thrive while poor people are in debt. So laws are never made equally.
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Brown🎵Note wrote:
id like to hear some of these laws as wellvlaz wrote:
Laws are never made equally? What are some of them?I do not agree with Joe biden trying to get the government to track people who live paycheck to paycheck. All that does is give the IRS more authority to shutdown more poor people finances literally at any moment without going to court without any phone calls,warnings etc. This will do nothing to stop criminals and the %1percenters of rich people he's trying to go after. To do that they will have to revamp the whole tax code and system. But reality is rich people thrive while poor people are in debt. So laws are never made equally.
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“Let’s go Brandon!”
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idk who brandon is but he’s been getting ALOT of support from baseball fans
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